Nume Ekeghe

Non-Executive Director at Parthian Partners and Managing Director of Financial Derivatives Company, Bismarck Rewane, has predicted that the  market capitalisation of the Nigeria Exchange Limited will reach N262 trillion by 2026, driven by new listings, stronger earnings, and improved market efficiency.

Themed, “Reforms to Results: Powering Economic Growth for Shared Prosperity,” the event underscored 2026 as a critical year for institutional strengthening, market expansion, and domestic capital mobilisation.

“Market cap will climb to N262 trillion in 2026 due to new listings, earnings, and efficiency,” Rewane said, pointing to a recovery anchored on corporate fundamentals rather than market sentiment. But he stressed that these projections depend heavily on institutional capacity and policy execution.

“Reform does not just mean policy change but includes institutional reforms and market response,” he noted. Emphasising the primacy of sound judgement in a fast-evolving environment, he added, “Outlook is not as important as the judgement. What you do with information is the most important thing.”

Rewane warned about opacity in public spending. “The quantum of government expenditure is not as important as its dominance. What you see is what you get, what you don’t see is what gets you,” he cautioned.

Chair of the Board at the Africa Finance Corporation (AFC), Ireti Samuel-Ogbu, called for better sequencing of reforms and a stronger focus on human capital. She observed that while the intent of recent policies was right, implementation required more precision.

“The reforms have been good but it could have been better sequenced to make sure that there was supply, Naira is stable then subsidy is removed,” Samuel-Ogbu said. She added that policies must “deliver tangible benefits” and improve outcomes in “inflation control, education, transportation, and overall quality of life.”

Managing Director of Parthian Pensions, Olufemi Odukoya, underscored the transformational growth of Nigeria’s pension industry as a powerful engine of domestic capital formation. He traced the sector’s evolution from a N2.4 trillion deficit in unpaid liabilities in 2004 to over N26 trillion in assets today.

“Pensions are fully tax-exempt, and that remains one of the key advantages of our system,” Odukoya said. He projected that the industry’s asset base will reach “N30 trillion next year, adding N4 trillion in domestic capital.”